Miles (1961) and others instead emphasize (product) value in relation to competition. The augmented product concept acknowledges different product aspects that can embody value for the customer, such that marketers must consider different product levels, each of which adds value for consumers ( Levitt, 1969,Levitt, 1980 and Levitt, 1981). Five levels are commonly defined: core benefit, expected product, augmented product, potential product, and final product ( Kotler, 2003). The resulting consumer-value hierarchy applies equally well to goods, services, or any combination ( Lovelock, 1994). Levitt's work thus was instrumental in emphasizing that customers may value product attributes beyond their immediate core benefits.
Most research that seeks to explain how product attributes translate into a certain value, or usefulness, of a product focuses on individual or household consumers. This stream defines